Tesla Inc. late Wednesday posted a narrower-than-expected adjusted quarterly loss and kept a key Model 3 production target unchanged, and shares rose more than 2% in the after-hours session.
Tesla TSLA, -0.04% said it lost $675 million, or $4.01 a share, in the quarter, compared with $121 million, or 78 cents a share, in the year-ago period. Adjusted for one-time items, Tesla lost $513 million, or $3.04 a share, compared with a loss of 69 cents a share a year ago. Revenue rose to $3.288 billion, from $2.284 billion a year ago.
Analysts polled by FactSet had expected the company to report an adjusted loss of $3.11 a share on sales of $3.297 billion.
In a letter to shareholders, Tesla said it continued to target Model 3 production rate of 5,000 sedans a week by the end of the second quarter.
The Tesla analyst call is set for 5:30 p.m. Eastern, and we will live-blog it.